End of Year Review – January to March 2022
Over the month of December, we will be taking the time to reflect back on 2022 and all that has happened within the YesTax home, as well as the wider world of tax relief.
We will be reminiscing about one quarter of the year each week between now and 2022 coming to a close, kicking off with the months of January, February and March.
January
As the new year began we looked into more detail at R&D tax claims for software development, and a growing trend of a greater level of HMRC scrutiny for all tax relief claims.
YesTax’s Head of Capital Allowances, Callum Byers, provided some insight into Research and Development Allowances, via a case study from the manufacturing industry.
YesTax were engaged to provide advice in relation to R&D Tax Credit claims, for a local business who designs and manufactures industrial machinery for production lines, for customers across the UK and internationally. The company undertakes Research & Development as part of the design of their products, specifically engineered to meet the specific requirements of the customers.
The company had recently spent c.£330k constructing a new industrial building on their site, extending their manufacturing and prototyping space. c.£32k of Assets eligible for the Annual Investment Allowances, had already been identified for claim.
You can read the whole of Cal’s RDA case study here.
January also rang in the celebrations for our 3rd birthday. It’s hard to believe that in just one month’s time we will be turning the grand old age of four.
February
With 2021 still close behind us we took a look back at our ties with the Nepalese safe house and all that had been achieved through our Guiding Light charity in the previous 12 months.
“When the children arrive at the safe house, there is often an immense sense of relief when they realise for the first time that there are other children that have had similar experiences” Binita Adhikara, who runs the safe house funded by YesTax.
Arts and Entertainment was a sector that was hit particularly hard by the business effects of the COVID pandemic. In 2021’s autumn statement the government announced an increase in support for the sector through the Creative Industries Tax Relief. We brought the subject of this specific sector relief to the fore and explored the enhancements that had been made.
And we were overjoyed to be welcoming Imogen to the team as our new R&D Tax Assistant.
March
Continuing our “Business for Good” ethos, YesTax pledged £5,000 per year to support Endeavour’s Adventure Fund who use the environment of the outdoors and the challenge of physical activity to form exceptional activities and adventures for young people, leading to them achieving many things they never thought possible.
In mid-march we brought some focus on to R&D tax relief for agricultural technology, and scrutinised and shared the latest details on the governments review of the Research and Development Expenditure Credit (RDEC) and Small and Medium Enterprises (SME) R&D Tax Relief.
As spring rolled in, so did the 2022 Spring Budget. And what a rollercoaster of budgets, mini-budgets, and Chancellors it has been since. With each announcement the YesTax team were quick to get into the detail and report back all of the key changes around tax relief.
Cal had a feature article published in Taxation Magazine looking at Capital Allowances on property transactions. And if one accolade in the month wasn’t enough, we were very proud to have been nominated for the award of “Niche Firm of the Year” by the Yorkshire Accountancy Awards.
Did we win?
Well, you’ll have to wait until May (aka next week’s look back) to find out.
YesTax. Positively Better.